|Revenue from abroad|
|Services (e. g. tourism)||4,6||4,7|
|Total revenue from abroad||12,2||12,9|
|Services (e. g. tourism)||3,6||3,2|
|Other expense (e. g. interest)||2,6||2,6|
|Total expenses abroad||19,4||17,8|
|Net foreign deficit (current account)||-7,2||-4,9|
The improvement continues: the current account deficit declined 35% (!) during this period! Imports declined 10% whereas exports increased 14%!
The discouraging fact is that – as before – after 3 or 4 years of crisis and so-called austerity measures, Greece as a country is still spending 1.379 Euros abroad for every 1.000 Euros earned abroad. That is a 38% excess of spending over income. This is much worse when only considering the trade account where Greece is importing 2.205 Euros for every 1.000 Euros which it is exporting!
Had Greece followed Mr. Tsipras’ recommendation not to pay interest to foreigners, the current account deficit would have been reduced to about half of the above amount, still about 2,6 BEUR. If Mr. Tsipras intends to stop paying interest, he should first explain where he will get those 2,6 BEUR from in the next 3 months.